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Profit and dross


I refer to Jamie McEwan's question on investment in the water sector (NCE last week). He will be enlightened by reading section 2, 'Financial performance', of OFWAT's annual financial performance and expenditure report of the water companies in England and Wales and doing some basic research on financial ratios and economic returns.

He may still not be satisfied but will learn that profit is not the same as dividend and that internal investment and borrowing (both being exploited by the industry) depend critically on producing healthy returns.

Barry Walton (F), 8 Milford House, Portsmouth Road, Milford, Surrey, GU8 5HJ

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